DeFi Keeps Hemorrhaging Millions to Hackers — Here's Why It's Still Happening
(134 days ago) · 1 source · Summarized by CryptoBipto
Decentralized finance protocols continue to suffer massive losses from exploits, raising questions about the security practices and structural vulnerabilities in the space. The article examines the recurring patterns behind DeFi hacks and why the industry has struggled to solve the problem despite years of high-profile incidents.
WHY IT MATTERS
Imagine putting your money in a bank vault, but the vault was built by a small team in a rush and anyone in the world can study the blueprints to find weak spots. That's essentially how DeFi works — your funds are held by computer programs called 'smart contracts,' and if there's a flaw in the code, hackers can drain the money. Unlike a traditional bank, there's usually no customer service to call and no insurance to get your money back. This article matters because it highlights that even as crypto grows, the technology holding people's money still has serious security gaps that haven't been fully solved.
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